The SEC approved a number of rule changes promulgated by the MSRB to facilitate risk-based examinations for participants in the municipal securities industry.  These municipal securities industry participants are, generally, FINRA members. 

In particular, the new rules, G-9 and G-16, relate to record preservation and periodic examinations, respectively.  It is believed that these new rules will allow FINRA to focus on the municipal securities industry participants who pose the greatest risk to the market.  FINRA will now be allowed to examine these participants every four years as well as require that certain records be maintained for four years rather than three. 

The new periodic examinations were immediately effective while the changes to record keeping are effective June 16, 2012.